undergone a major restructuring, which has included relocating its
head office to Brussels.
PhilWilkes,divisional director of VFS, told Leasing Life: “The
restructure has allowed us to align ourselves more closely to our
business areas Volvo Trucks, Renault Trucks, Volvo Construction and
Volvo Bus and Coach.
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“As far as our customers are concerned, they should see a more
integrated product offering. No change has occurred to finance
branding, with Renault Truck Finance providing funding facilities
for Renault Trucks and VFS for the remaining three business
areas.”
In some European countries,VFS has provided additional
facilities at the point of sale, such as insurance products. This
has now been extended to cover the UK also.
In 2007,VFS received approval to launch customer finance
companies in Chile,Hungary and Slovakia. VFS also launched new
finance programmes for the Volvo Group’s latest acquisitions,
Lingong and Ingersoll Rand’s Road Development division. It also
held discussions with Nissan Diesel to investigate new financing
opportunities in Japan and other parts of Asia.
Total new financing volume in 2007 amounted to SwK 41.4bn
(£3.5bn). As a result of closer cooperation with other business
areas, penetration levels grew to 24 per cent compared with 20 per
cent in 2006. In total, 46,686 new Volvo vehicles and equipment
were financed during the year (2006: 41,732).
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By GlobalDataOperating income at VFS amounted to SwK 1,649m (£139m) and
return on shareholders equity was 15.9 per cent.
